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3c2cd94af98f77e26f926f2ef3ac06d860a9ed0a75f14026d596cbe0949ad024

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7ac5b21961b9a74a1793d080dc7a25143cc3291e303eddf49ad4a40271ed1d67

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c601ac8169a70ab75645a01a8d70f08492a283f61ef8e7c80e04b183e16d8304

Snowflake Inc. (**SNOW**) is a cloud-based data platform company that enables organizations to consolidate, manage, and analyze their data efficiently. The company provides a flexible, consumption-based platform that supports a variety of workloads, including data warehousing, data lakes, data engineering, and secure data sharing. Snowflake's innovative architecture allows customers to scale their data operations seamlessly across industries and geographies.  **[0001640147-24-000101_snow-20240131.htm:24]** **[0001640147-23-000260_snow-20231031.htm:73]** 

1. **Product Revenue** - Generates revenue from customer consumption of Snowflake's data platform, which includes compute, storage, and data transfer resources. Supports diverse workloads such as data warehousing, data lakes, and data application development.  **[0001640147-24-000101_snow-20240131.htm:24]** **[0001640147-23-000260_snow-20231031.htm:73]**   
2. **Professional Services and Other Revenue** - Offers training, consulting, and other services to help customers optimize their use of Snowflake's platform.  **[0001640147-24-000101_snow-20240131.htm:24]** **[0001640147-23-000260_snow-20231031.htm:73]**

8f5e435d64f3a0a107d35cbb28ff6dd86f86fb20befd73918faf4d4ec316a440

1. Given that your Q2 product revenue growth was **30% year-over-year**  **[SNOW_3399563_3]** , and the magnitude of the beat was smaller than in Q1  **[SNOW_3399563_20]** , what factors contributed to this deceleration, and how do you anticipate this trend impacting future quarters?

2. With net revenue retention rate continuing to converge with overall revenue growth  **[SNOW_3399563_14]** , are there specific strategies you are implementing to **stabilize NRR**, especially considering the introduction of new products like Iceberg tables?

3. Considering your guidance includes headwinds from **storage revenue** runoff due to Iceberg tables  **[SNOW_3399563_11]** , is the expected pace of this runoff tracking as anticipated, or are you seeing signs that it might accelerate and impact future revenues more significantly?

4. Given the acquisition of Tabular affecting the **Iceberg ecosystem**  **[SNOW_3399563_5]** , how do you plan to position Snowflake to attract talent and maintain competitiveness in this space amidst these industry changes?

5. Despite macroeconomic concerns, you reported strength in the **financial services and technology verticals**  **[SNOW_3399563_3]** , can you elaborate on what is driving this growth and whether you believe these trends are sustainable in the current market environment?

79f93f4a8c6e58b0a658a2f15e490ab59044f47dab019259c39f920c4d7aaa64

23794d91c53ae875c8e247d72561e35d9d06ee07c70c9e0dbcc977a6d161504a

| Program Details          | Program 1 (February 2023) | Program 2 (August 2024) |
|--------------------------|---------------------------|--------------------------|
| **Approval Date**        | **February 2023**  **[0001640147-24-000250_snow-20241031.htm:82]** **[0001640147-24-000250_snow-20241031.htm:43]**  | **August 2024**  **[0001640147-24-000250_snow-20241031.htm:82]** **[0001640147-24-000250_snow-20241031.htm:43]**    |
| **End Date/Duration**    | **March 2025**  **[0001640147-24-000250_snow-20241031.htm:82]** **[0001640147-24-000250_snow-20241031.htm:43]**     | **March 2027**  **[0001640147-24-000250_snow-20241031.htm:82]** **[0001640147-24-000250_snow-20241031.htm:43]**     |
| **Total Additional Amount** | **$2.0 billion**  **[0001640147-24-000250_snow-20241031.htm:82]** **[0001640147-24-000250_snow-20241031.htm:43]**  | **$2.5 billion**  **[0001640147-24-000250_snow-20241031.htm:82]** **[0001640147-24-000250_snow-20241031.htm:43]**   |
| **Remaining Amount (2025-01-03)** | **$0.0 billion**  **[0001640147-24-000250_snow-20241031.htm:82]** **[0001640147-24-000250_snow-20241031.htm:43]**  | **$2.0 billion**  **[0001640147-24-000250_snow-20241031.htm:82]** **[0001640147-24-000250_snow-20241031.htm:43]**  |
| **Details**              | Superseded by Program 2  **[0001640147-24-000250_snow-20241031.htm:82]** **[0001640147-24-000250_snow-20241031.htm:43]**  | Active, extended duration  **[0001640147-24-000250_snow-20241031.htm:82]** **[0001640147-24-000250_snow-20241031.htm:43]**  |

### Notes:
- The **February 2023** program was initially authorized for $2.0 billion but was effectively superseded by the **August 2024** program, which extended the total authorization and duration.  **[0001640147-24-000250_snow-20241031.htm:82]** **[0001640147-24-000250_snow-20241031.htm:43]** 
- As of **January 3, 2025**, the remaining authorization amount of **$2.0 billion** is fully allocated to the **August 2024** program.  **[0001640147-24-000250_snow-20241031.htm:82]** **[0001640147-24-000250_snow-20241031.htm:43]**

02fba46ac44463bf57ef2976753a8009b715593c8f2d65877a9b58e56d9fce33

Net Revenue Retention Rate (%)

Customers with Trailing 12-Month Product Revenue > $1M (Count)

Remaining Performance Obligations (RPO) ($ Billion)

Total Customer Count (Count)

Percentage of Revenue Contributed by Forbes Global 2000 Customers (%)

22f6c6845548155dd6be6e59bfea7d52d2a9f877034a7cf1253756d227d0fcf6

Net revenue retention rate (percentage)

Number of customers with trailing 12-month product revenue greater than $1 million (count)

Number of customers with trailing 12-month product revenue greater than $5 million (count)

Number of customers with trailing 12-month product revenue greater than $10 million (count)

Number of Forbes Global 2000 customers (count)

Remaining performance obligations (millions)

e5a7fb9ebcfc630ac823f6e4e01dc0974f6c99ee2f267e5cbbfc2d424b577d5e

- **Strong growth in the financial services and technology verticals**, with some banks growing **400% year-over-year**, indicating robust customer traction and potential for continued expansion in these sectors.  **[SNOW_3399563_24]**
- **New product offerings like Iceberg, Cortex AI, and Snowpark are gaining significant traction with customers**. **Iceberg is being used by over 400 accounts**  **[SNOW_3399563_4]** , and **Snowpark is expected to generate about $100 million, or 3% of revenue, in fiscal '25**. These products are anticipated to materially contribute to future revenue growth.  **[SNOW_3399563_18]**
- **Stable customer buying patterns and strong bookings**, leading to an **increase in full-year product revenue guidance**, reflecting management's confidence in the company's growth prospects. The company beat its revenue guidance and raised the full-year outlook, signaling positive momentum.  **[SNOW_3399563_10]**

3d39c7e01e028fdd147801387ce22122ccc9ebde5de51018270d3a023af36fdf

1. **Core Business Strength**  
   **Q:** How is the core data warehousing business performing?  
   **A:** The core data warehousing and data engineering business is performing very well, showing strong and stable growth.  **[SNOW_3409705_7]**  The business remains very stable heading into next year, with net revenue retention remaining at **127%** over the last two quarters.  **[SNOW_3409705_8]** 

2. **Impact of AI Products**  
   **Q:** How are new AI products like Cortex contributing?  
   **A:** New AI products like Cortex are starting to take off, though still in the early stages.  **[SNOW_3409705_7]**  Cortex is contributing to revenue growth, and we are optimistic about its future impact based on current trends.  **[SNOW_3409705_7]**  Snowpark continues to track as expected, contributing **3%** of revenue for the year and growing nicely year-over-year.  **[SNOW_3409705_7]** 

3. **Position in Generative AI**  
   **Q:** How is Snowflake positioned in generative AI?  
   **A:** We are seeing strong interest and deployment of our AI products, with over **1,000** deployed use cases.  **[SNOW_3409705_8]**  Our core analytics business has a long runway, as companies continue to integrate data into their operations.  **[SNOW_3409705_8]**  Investments in companies like Datavolo are enabling us to bring more data into Snowflake, enhancing our AI capabilities.  **[SNOW_3409705_8]** 

4. **Acquisition of Datavolo**  
   **Q:** How does the Datavolo acquisition impact Snowflake?  
   **A:** The acquisition of Datavolo brings over **100** different connectors out of the box, enabling us to bring in data from various sources.  **[SNOW_3409705_9]**  It enhances our data engineering capabilities and allows us to act on all of our customers' data, not just the gold data used for analytics.  **[SNOW_3409705_9]** 

5. **Large Deals and Renewals**  
   **Q:** Are you seeing more large transactions?  
   **A:** We continue to work on large deals, including renewals with existing customers that include growth.  **[SNOW_3409705_16]**  Q4 is expected to be a strong bookings quarter as usual, with a number of large deals in the pipeline.  **[SNOW_3409705_16]** 

6. **Federal Government Business**  
   **Q:** What is Snowflake's outlook in the federal sector?  
   **A:** While the U.S. federal space is currently a very small part of our business, we see significant upside over the next couple of years.  **[SNOW_3409705_15]**  Recent developments, such as the acquisition of Night Shift, position us better in the federal market, and efficiency concerns in government may drive demand for our solutions.  **[SNOW_3409705_15]** 

926d802b6b4ce387f1a27f439c896ef2092f0cc0482ea4fdbb291431f02c7a9c

1. **Usage Growth Moderation**  
   **Q:** Why did usage growth moderate in April?  
   **A:** Usage growth in April was muted due to the Easter holidays, especially in Europe where longer breaks impact consumption. However, February and March were very strong, and our revenue guidance reflects the trends we're seeing as of this week.  **[SNOW_3390400_8]** 

2. **RPO Acceleration and Large Deals**  
   **Q:** What drove the RPO acceleration to 46% growth?  
   **A:** RPO increased **46%** year-over-year, partly due to a **$100 million** deal signed in Q1. We're seeing strong commitments from customers making Snowflake core to their business.  **[SNOW_3390400_11]** 

3. **AI Strategy and Investments**  
   **Q:** Can you explain your AI strategy and investments?  
   **A:** We trained Arctic LLM efficiently in over **3 months** on a small amount of GPU compute. We're investing in AI, including the acquisition of TruEra, and have over **750 customers** developing on our AI platform. Our focus is making AI effective for enterprises without requiring large budgets.  **[SNOW_3390400_6]** **[SNOW_3390400_10]** **[SNOW_3390400_21]** 

4. **CEO's Priorities**  
   **Q:** What are your top priorities as the new CEO?  
   **A:** My priorities are driving faster product innovation, especially in AI with Cortex AI and Arctic, expanding support for technologies like Iceberg and Hybrid Tables, and enhancing go-to-market strategies. I've engaged with over **100 customers** in **70 days** to focus on product execution and efficiency.  **[SNOW_3390400_12]** 

5. **Deferred Revenue and Storage Impact**  
   **Q:** Why was deferred revenue down more than usual?  
   **A:** Deferred revenue was lower because Q4 is a big billing quarter and Q1 is not as big. Also, we've signed deals where customers pay monthly in arrears, so it doesn't show up in deferred revenue but is included in RPO, which is up **46%** year-over-year. The tiered storage pricing impacted us by about **$6 million to $8 million** this quarter, affecting pure margin.  **[SNOW_3390400_7]** **[SNOW_3390400_9]** 

6. **Upside from Smaller Customers**  
   **Q:** What's driving upside from smaller customers?  
   **A:** The upside is broad-based across all industries among non-G2K customers, including many large private companies. We expect this strength to continue.  **[SNOW_3390400_19]** 

7. **Increased Sales and Marketing Expenses**  
   **Q:** What's causing higher sales and marketing expenses?  
   **A:** Expenses increased due to a change in our compensation plan, leading to more commission expenses being recognized immediately. We're also adding sales reps, particularly in the commercial space and business development, including SDRs and SEs.  **[SNOW_3390400_20]** 

8. **Iceberg and Product Expansion**  
   **Q:** How will Iceberg increase spending with Snowflake?  
   **A:** Iceberg lets customers run workloads on vast amounts of data in their data lakes, often **100x to 200x** larger than data in Snowflake. This unlocks new use cases and can increase spending as customers leverage Snowflake on more data.  **[SNOW_3390400_15]** 

9. **Investments in Observability**  
   **Q:** What's the strategy behind observability investments?  
   **A:** Observability is important for customers to monitor data quality and code. We're partnering and investing in companies to enhance observability for data and applications running on Snowflake.  **[SNOW_3390400_18]** 

fc8141a8fc9716e3d5b8cd08fa4fbf501ef39b820716eb129b3b8e1384ca5bca

- **Snowflake's Remaining Performance Obligations (RPO) grew 46% year-over-year**, driven by strong large deal activity, including a **$100 million deal signed in Q1** and expectations of another large deal in the current quarter, reflecting strong customer commitment and confidence in Snowflake's platform.  **[SNOW_3390400_11]**
- **Consumption exceeded expectations and quotas**, driven by **broad-based strength across all verticals**, particularly in **financial services, technology, and healthcare**, indicating robust demand for Snowflake's core services.  **[SNOW_3390400_7]**
- **Large customers are making significant long-term commitments**, viewing Snowflake as **core to their business and AI initiatives**, which is driving **large, long-term deals**, highlighting Snowflake's critical role in customers' operations and potential for future growth.  **[SNOW_3390400_16]**

f2124f1320927b83c2c20a2e6dfab7bcbbbbf0818882662b890e0409038b8130

- **Moderation in Usage Growth in April**: The company experienced a moderation in usage growth in April, with the CFO stating that "**April was more muted**" compared to strong growth in February and March.  **[SNOW_3390400_8]**  This could indicate potential demand headwinds or a slowdown in customer consumption patterns.
- **Decrease in Deferred Revenue**: Deferred revenue declined more sequentially than in prior years, as noted by an analyst: "**This quarter was down perhaps a little bit more sequentially than we've seen in prior years**".  **[SNOW_3390400_7]**  This could suggest potential weakness in new bookings or billing practices affecting future revenue.
- **Impact on Margins Due to Tiered Storage Pricing**: The rollout of tiered storage pricing impacted the quarter by approximately **$6 million to $8 million**, which is "**pure margin that, that impacted**".  **[SNOW_3390400_9]**  This indicates that changes in pricing strategy are negatively affecting margins and could continue as customers renew contracts.

8f9c7b3eb7b92661ec83ff6232be3c2d03cf5db6d441d286e9f20140836d1f5b

**Quarterly guidance for Q4 2025:**
- **Product Revenue**: $906M–$911M  **[SNOW_3409705_4]**  (no prior guidance)

**Annual guidance for FY 2025:**
- **Product Revenue**: $3.43B  **[SNOW_3409705_4]**  (raised from $3.356B  **[SNOW_3399563_3]** )  
- **Non-GAAP Product Gross Margin**: 76%  **[SNOW_3409705_4]**  (raised from 75%  **[SNOW_3399563_3]** )  
- **Non-GAAP Operating Margin**: 5%  **[SNOW_3409705_4]**  (no change from prior guidance  **[SNOW_3399563_3]** )  
- **Non-GAAP Adjusted Free Cash Flow Margin**: 26%  **[SNOW_3409705_4]**  (no change from prior guidance  **[SNOW_3399563_3]** )

42f0272d36adfd08059231a9a338fabeb21a82d4000b12ec751843b357ace70d

- **Sequential customer additions remain mixed**, and the company expects a significant inflection in net new customers to occur more in **fiscal 2026**, suggesting potential near-term limitations in customer growth.  **[SNOW_3409705_18]**
- **Reliance on renewals and expansions from existing customers for large deals** indicates that growth may be concentrated among existing clients rather than new business, which could limit growth if **expansion rates decline**.  **[SNOW_3409705_16]** ,  **[SNOW_3409705_17]**
- **Uncertainty around the future impact of new product initiatives**, such as **Cortex AI and Snowpark**, which are still in early stages and may not contribute significantly to revenue growth as expected.  **[SNOW_3409705_24]** ,  **[SNOW_3409705_5]** ,  **[SNOW_3409705_7]**

676771112f77a7c97421e3e910c41acc32ed8dd9a4dad5d7a94649e9b5eb8bda

- The company's core business is demonstrating strong growth with stable Net Revenue Retention (NRR) at **127%**, indicating customer satisfaction and consistent revenue growth. Management feels "**really good about next year**" and has built "**a good muscle in our sales organization**" to identify new workloads for future growth.  **[SNOW_3409705_8]**
- New products like **Snowpark** and **Iceberg Tables** are gaining traction and contributing to revenue, with Snowpark on track to be **3%** of product revenue. Features like Dynamic Tables and Cortex AI are "**starting to take off**" and are expected to drive future consumption and revenue growth.  **[SNOW_3409705_1]** **[SNOW_3409705_10]** **[SNOW_3409705_8]**
- International expansion is strong, with the company "**positioned very well going into Europe**," focusing more on the mid-market, and seeing "**strong growth in Japan**," as well as growth in India, Korea, Australia, and New Zealand, paving the way for future international growth.  **[SNOW_3409705_12]**

9accf30f1e2454e892e48576d3bf4f131f8ccb7ea9ae6f08a54416cca2f88993

- Total Revenue: $942.1 million in Q3 2025, up +28% YoY from $734.2 million  **[0001640147-23-000260_snow-20231031.htm:6]** **[0001640147-24-000250_snow-20241031.htm:7]** **[0001640147-24-000250_snow-20241031.htm:71]**   
- Cost of Goods Sold: $320.9 million in Q3 2025, up +40% YoY from $228.9 million  **[0001640147-23-000260_snow-20231031.htm:6]** **[0001640147-24-000250_snow-20241031.htm:7]** **[0001640147-24-000250_snow-20241031.htm:71]**   
- R&D Expense: $442.4 million in Q3 2025, up +33% YoY from $332.1 million  **[0001640147-23-000260_snow-20231031.htm:6]** **[0001640147-24-000250_snow-20241031.htm:7]** **[0001640147-24-000250_snow-20241031.htm:71]**   
- Operating Loss: $(365.5) million in Q3 2025, a 40% deeper loss YoY from $(260.6) million  **[0001640147-23-000260_snow-20231031.htm:6]** **[0001640147-24-000250_snow-20241031.htm:7]** **[0001640147-24-000250_snow-20241031.htm:71]**   
- Net Loss: **$(324.3) million**, a 51% increase in loss YoY from $(214.3) million  **[0001640147-23-000260_snow-20231031.htm:6]** **[0001640147-24-000250_snow-20241031.htm:7]** **[0001640147-24-000250_snow-20241031.htm:71]**   
- Share Repurchases: **$1.016 billion**, +154% YoY from $400 million  **[0001640147-23-000260_snow-20231031.htm:64]** **[0001640147-23-000260_snow-20231031.htm:11]** **[0001640147-23-000260_snow-20231031.htm:6]** **[0001640147-24-000250_snow-20241031.htm:16]**   

9b4e6a59a05593fa7e735e3eec0673e0412196f8c981749654aca6b6fad99fc7

eb6425ee5dd1350f45d11fd9405be059c6a63644331cd307dca7a483e79d62ee

1. **Iceberg Tables and Storage Revenue**  
   **Q:** How are Iceberg tables affecting storage revenue and customer consumption?  
   **A:** Iceberg tables are rolling out with about **400 customers** using them.  **[SNOW_3399563_4]**  We haven't seen customers move storage out of Snowflake, and **storage remains at about 11% of our revenue**.  **[SNOW_3399563_4]**  Customers are using Iceberg with new workloads, and we're pleased with the progress.

2. **Gross Margins Outlook**  
   **Q:** Why were gross margins better this quarter, and what's the outlook?  
   **A:** Margins were slightly better than forecasted internally but we maintain our **75% gross margin** guidance for the year.  **[SNOW_3399563_5]**  Some deployments are awaiting GPUs we anticipated this quarter, impacting margins.  **[SNOW_3399563_5]**  We continue to focus on price performance leadership.

3. **Large Deals and Customer Expansion**  
   **Q:** Were the two 9-figure deals renewals with expansions or new business?  
   **A:** Those were existing customers renewing with expansions as they plan to do more with Snowflake.  **[SNOW_3399563_6]**  It's unlikely to see a 9-figure deal from a net new customer.  **[SNOW_3399563_6]** 

4. **Impact of New Products on Revenue**  
   **Q:** How will new products contribute to future revenue amid potential headwinds?  
   **A:** We expect AI products to begin contributing materially to revenue next year, but we can't provide specific guidance yet.  **[SNOW_3399563_7]**  Performance optimizations offer cost savings to customers, strengthening our core product.  **[SNOW_3399563_7]** 

5. **Sales Force Compensation Changes**  
   **Q:** How are sales compensation changes expected to impact future growth?  
   **A:** We've adjusted sales compensation to focus on driving consumption growth within customers.  **[SNOW_3399563_9]**  This new approach is developing, and we believe it will have a positive impact in **fiscal 2026**.  **[SNOW_3399563_9]** 

6. **Consumption Trends and Guidance**  
   **Q:** What are the recent consumption trends, and how do they affect guidance?  
   **A:** We see stable customer buying patterns and are pleased with consumption trends.  **[SNOW_3399563_10]**  We beat and raised the full-year guidance, reflecting our expectations for the second half.  **[SNOW_3399563_10]** 

7. **Competitive Landscape and AI Products**  
   **Q:** How is Snowflake positioned in the competitive landscape, especially regarding AI?  
   **A:** In core analytics, we are the best platform, and customers recognize that.  **[SNOW_3399563_13]**  Our AI products are world-class, and we're seeing broad adoption.  **[SNOW_3399563_13]**  We're investing heavily in new products to drive revenue growth.

8. **Impact of Cybersecurity Incidents**  
   **Q:** Were there any impacts on consumption due to cybersecurity incidents or CrowdStrike outage?  
   **A:** The cybersecurity incident had **no impact** on us from a consumption standpoint.  **[SNOW_3399563_4]**  The CrowdStrike outage was minimal, affecting only a few customers for a day and didn't impact us substantially.  **[SNOW_3399563_4]** 

9. **RPO Growth and Revenue**  
   **Q:** Is the gap between revenue and RPO significant, and what are the reasons?  
   **A:** Some top customers buy monthly after consuming their contracts, which isn't fully reflected in current RPO.  **[SNOW_3399563_12]**  We have two of our top ten customers continuing to buy through the end of the year.

9604c2354712649769146c5a2a00eabfbb1df08b3dffe446585a06424eb31ad6

| Name                     | Position                                   | Start Date         | Short Bio                                                                                                                                                                                                                                                                                                                                                       |
|--------------------------|--------------------------------------------|--------------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| Sridhar Ramaswamy        | Chief Executive Officer and Director       | February 27, 2024  | **Sridhar Ramaswamy** has been serving as the Chief Executive Officer and a member of the board of directors at Snowflake Inc. since **February 27, 2024**. He previously held various positions at Snowflake, including Senior Vice President of Artificial Intelligence. Before joining Snowflake, he was a Venture Partner at Greylock Partners and CEO of Neeva Inc..  **[0001640147-24-000123_snow-20240522.htm:17]** **[0001640147-24-000033_snow-20240227.htm:1]**  |
| Michael P. Scarpelli     | Chief Financial Officer                    | August 2019        | **Michael P. Scarpelli** has served as the Chief Financial Officer of Snowflake Inc. since **August 2019**. Prior to joining Snowflake, he was the CFO of ServiceNow, Inc. and held senior roles at EMC Corporation and Data Domain Corporation.  **[0001640147-24-000123_snow-20240522.htm:40]** **[0001640147-23-000082_snow-20230525.htm:35]**                                                                                                            |
| Benoit Dageville         | President of Products and Director         | August 2012        | **Benoit Dageville** is one of the co-founders of Snowflake Inc. and has served as a member of the board of directors since **August 2012**. He currently holds the position of President of Products. Before founding Snowflake, he worked in various engineering roles at Oracle Corporation.  **[0001640147-24-000123_snow-20240522.htm:14]** **[0001640147-23-000082_snow-20230525.htm:13]**                                                             |
| Christopher W. Degnan    | Chief Revenue Officer                      | August 2018        | **Christopher W. Degnan** has served as the Chief Revenue Officer of Snowflake Inc. since **August 2018**. Prior to this role, he was the VP of Sales and Director of Sales at Snowflake. Before joining Snowflake, he held various sales leadership roles at EMC Corporation and Aveksa, Inc..  **[0001640147-24-000123_snow-20240522.htm:40]** **[0001640147-23-000082_snow-20230525.htm:35]** **[0001640147-22-000038_snow-2022proxystatement.htm:33]**                                                         |
| Christian Kleinerman     | EVP, Product Management                    | February 2024      | **Christian Kleinerman** has served as Executive Vice President (EVP), Product Management at Snowflake Inc. since **February 2024**. Prior to this role, he was Senior Vice President (SVP) of Product and Vice President (VP) of Product at Snowflake. Before joining Snowflake, he held various product management roles at Google.  **[0001640147-24-000123_snow-20240522.htm:40]** **[0001640147-24-000123_snow-20240522.htm:41]**                      |
| Grzegorz Czajkowski      | EVP, Engineering and Support               | February 2024      | **Grzegorz Czajkowski** served as EVP, Engineering and Support at Snowflake starting in **February 2024**. He initially joined Snowflake as SVP, Engineering and Support in June 2019. Before Snowflake, he held various roles at Google, including VP Engineering.  **[0001640147-24-000123_snow-20240522.htm:40]** **[0001640147-23-000082_snow-20230525.htm:35]**                                                                                        |
| Thierry Cruanes          | Interim Manager of Engineering and Support | July 19, 2024      | **Thierry Cruanes** is the Co-Founder of Snowflake Inc. and currently serves as the Interim Manager of Engineering and Support Teams following the resignation of Grzegorz Czajkowski on **July 19, 2024**. He has been with Snowflake since its inception.  **[0001640147-24-000183_snow-20240630.htm:1]** **[0001829398-22-000003_schedule13ga-cruanes2021.htm:2]**                                                                                                |

186dd94364ca4fd5988e5eefb1970fff77e2a6b832bd0b4b64759f7da2629374

- **The magnitude of Snowflake's revenue beat in Q2 was smaller than in Q1, with a 2.4% beat in Q2 compared to a higher beat in Q1, indicating a potential deceleration in growth momentum.**  **[SNOW_3399563_20]**
- **Gross margins may face pressure due to AI-related costs and GPU availability constraints.** The company is incurring GPU-related expenses to meet customer demand for new features, and cloud vendors' GPU availability issues are impacting deployments. Michael Scarpelli stated, "I'm never going to say it's the bottom because I don't know what's in the future products that could have an impact on the margin."  **[SNOW_3399563_22]** **[SNOW_3399563_5]**
- **Newer products like Cortex AI are not expected to contribute materially to revenue until FY2026.** Michael Scarpelli mentioned that the guidance does not include material contributions from newer product features and that their impact is expected in FY2026.  **[SNOW_3399563_18]**

f78ac52285907e551f89c7d91a2ea964210a5076d7528a5e5150a329bfa0fa46

36d4c7e1e9dc589624686304bbfc1bbd8b03e353cf14c87feb08d10dfc9c28b7

- **Strong growth in financial services and technology verticals**, with some customers experiencing significant consumption increases, including a **bank growing 400% year-over-year**.  **[SNOW_3399563_24]**
- **Over 400 customers are using Iceberg**, enabling new workloads and accelerating migrations to the cloud, demonstrating **adoption of new products like Iceberg tables**.  **[SNOW_3399563_4]** **[SNOW_3399563_16]**
- **Signed two 9-figure deals with existing customers**, indicating significant expansion and confidence in Snowflake's platform.  **[SNOW_3399563_3]** **[SNOW_3399563_6]**

7d52efc69b4a551647030b453ef05dcb508c389b50ad21cda3d1e4ee300d2b05

- **Net Retention Rate (NRR) is expected to decline over time**, and management did not commit to its stabilization.  **[SNOW_3399563_14]**
- **Smaller revenue beat in Q2 compared to Q1**, indicating potential slowing growth momentum.  **[SNOW_3399563_20]**
- **Gross margins might face future pressure**, with management not confident that they have bottomed.  **[SNOW_3399563_22]**

c364705c1701dad04d5eafec8562fa2f69c5593156084ef55617ec00caa5232e

Snowflake Inc (SNOW)

Financials